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News.com.au
4 days ago
- Business
- News.com.au
Victorian suburbs where you can still buy and build wealth in 2025
With Melbourne buyers locked out of million-dollar markets, a surge of first-homebuyers and savvy investors are seizing their chance in Victoria's value pockets. New analysis from property forecasters Hotspotting has named Frankston, Bendigo and Wodonga among the top 10 best places in the country to buy in 2025, with strong capital growth tipped over the short to medium term. Hotspotting director Terry Ryder said Victoria was now leading the nation for future buying opportunities, after a sluggish 2024 that saw Greater Melbourne underperform much of the country. First-home buyers hit with $40k+ tax bill 'Melbourne is looking more promising than it has in years, with transaction levels in the December quarter at their highest since the Covid boom,' Mr Ryder said. 'Units made up around a third of all sales in that quarter, and both the near-city market of Yarra and the lifestyle-focused Frankston area are experiencing rising transaction levels.' 'These are not one-hit wonders. They've got the foundations to grow further, and buyers are recognising that.' Melbourne Property Advocates founder Simon Murphy said confidence had returned in 2025, and buyers were getting strategic. 'Frankston is evolving fast, especially with rezoning near the bay,' Mr Murphy said. 'Some even joke it's becoming the colder version of Surfers Paradise, give it 10 years and we'll see if they're right.' Mr Murphy said three-bedroom homes on larger blocks were disappearing quickly under $700,000, and investors were back in full force chasing yield and land. 'There's no such thing as cheap anymore, just smart buying,' he said. 'In this market, if you're not ready to act, you'll miss out.' The Melbourne Property Advocates founder said regional centres like Bendigo and Wodonga were now delivering rental yields of six to seven per cent, with fewer planning headaches and more flexible zoning. 'Bendigo councils are more open to development than many metro ones,' Mr Murphy said. 'And off-market deals are much more common.' In Wodonga, First National Bonnici & Associates' Harley Maclachlan said buyer activity had intensified below $700,000, driven by first-home buyers, investors, retirees and downsizers. 'You can still get a quality four-bedroom home around $600,000 here,' Mr Maclachlan said. 'That kind of lifestyle and price point just doesn't exist in Melbourne anymore.' With few rental listings and demand rising, Mr Maclachlan said many buyers were expanding their search to neighbouring suburbs. 'The growth is spreading, we're telling people not to ignore the fringe suburbs of Albury-Wodonga,' he said. 'That's where the spillover is landing.' In Frankston, Ray White's George Devic said homes under $850,000 were being fiercely contested, with first-home buyers, investors and Melbourne upsizers leading the charge. 'That's where the action is,' Mr Devic said. 'The energy has completely shifted from 2024, buyer activity is up about 25 per cent on last year and that's huge.' Mr Devic said more millennials and Generation Z buyers were trading inner-city aspirations for coastal lifestyle, value and space. 'With EastLink, it's not far from the city, and you're getting way more home for your money.'
News.com.au
23-05-2025
- Business
- News.com.au
How rate cut is supercharging Melbourne's late-autumn auction boom
Melbourne's auction market is set for a late autumn surge as more than 1100 home sellers who had timed their sale for the days after the Reserve Bank's interest rate decision chase a result. It's a jump of almost 300 from last weekend, with the owners who bet on a cut to add heat to their auctions hope to cash in on boosted confidence after a 0.25 per cent reduction in the cost of borrowing was announced on Tuesday. PropTrack figures show 1151 auctions are scheduled across the city this week are also up 3 per cent on the same time last year, and the number will surge to 1533 next week — a 25 per cent jump from 2024. Buyers will have the best odds in Reservoir where there will be 22 auctions, followed by Craigieburn, 21, Mount Waverley, 19, as well as Carnegie and Wollert, with 17 each. Prominent buyers' advocate Cate Bakos said lower interest rates were already prompting stronger pre-auction offers, as buyers stretched their budgets to get in before stock thins out over winter. 'There's already a shortage of listings coming through, and I expect demand will outstrip supply by June,' Ms Bakos said. Ray White Judd White director Dexter Prack said the cut had already supercharged competition in the southeast, with bidders 'coming out swinging' at midweek auctions and some vendors accepting offers days before planned weekend sales. 'Buyers who were sitting on their hands are jumping back in,' Mr Prack said. But Melbourne buyers advocate Simon Murphy said as competition rose first-home buyers were being pushed further out, with intensifying competition in fringe suburbs. 'If you're chasing value, now's the time to act, because by spring, you might be priced out,' Mr Murphy said. 'There are still good buys in areas like Craigieburn, Wollert and Rockbank. 'But the window's closing. If you wait until spring, you could be priced out.'
